Chip Stocks Just Had Their Longest Losing Streak Since 2008. Should You Buy Nvidia Stock Now?
Chip stocks just had a tough two weeks. The PHLX Semiconductor Index, a widely followed measure of chip stocks, slid for eight straight trading sessions from Oct. 7 through Friday, Oct. 16. In that span the index dropped around 16%. Going by daily closing prices, it hadn’t fallen so many days in a row since October 2008.
Nvidia (NASDAQ:NVDA) did better than the index but still slid about 10%, from a record close of $239.24 on Oct. 6 to $214.13. The sell-off came as worries over interest rate hikes, the financing behind artificial intelligence (AI) projects, and competition weighed on chip stocks worldwide.
The index bounced about 1.6% on Monday as of this writing. But after a fall like this, should investors buy Nvidia stock now or wait?
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.